Latest news with #Oil&NaturalGasCorporation
Business Standard
22-05-2025
- Business
- Business Standard
ONGC slides after Q4 PAT drops 35% YoY to Rs 6,448 cr
Oil & Natural Gas Corporation (ONGC) declined 1.39% to Rs 245.30 after the company's standalone net profit fell 34.66% to Rs 6,448.28 crore in Q4 FY25 as against Rs 9,869.37 crore posted in Q4 FY24. Revenue from operations declined marginally to Rs 34,982.23 crore in Q4 FY25, compared to Rs 34,636.69 crore reported in Q4 FY24. Profit before tax (PBT) dropped 31.82% YoY to Rs 8,767.43 crore in the quarter ended 31 March 2025. Total expenses rose 11.19% to Rs 28,289.49 crore during the quarter compared with Rs 25,441.27 crore in Q4 FY24. Cost of material consumed stood at Rs 1,119.47 crore (up 18.22% YoY), survey cost stood at Rs 873.46 crore (up 20.99% YoY), exploration well cost was at Rs 4,173.04 crore (up 425.59 YoY) during the period under review. The companys net crude oil realization was $73.72 per barrel (down 8.8% YoY) while gas price realization was $6.50 per mmtbu (flat YoY) during the period under review. The standalone crude oil production (excluding condensate) during Q4 FY25 was 4.700 million metric tonnes (MMT), registering a de-growth of 0.29% compared to the corresponding quarter of FY24. The standalone natural gas production during Q4 FY25 was 4.893 billion cubic metres (BCM), registering a growth of 1.17% over Q4 FY24. On a consolidated basis, the companys net profit fell 27% YoY to Rs 7,322.82 crore, while revenue from operations declined marginally by 0.76% to Rs 1,70,811.73 crore in Q4 FY25 compared to Q4 FY24. On full year basis, the company's standalone net profit fell 12.12% to Rs 35,610.32 crore on 0.40% decrease in revenue from operations to Rs 1,37,846.29 crore in FY25 over FY24. ONGC invested around Rs 62,000 crore CAPEX in FY25, including Rs 18,365 crore in OPaL, Rs 4,600 crore in ONGC Green for acquisition of PTC Energy and Ayana Renewables. Meanwhile, the companys board has recommended final dividend of Rs 1.25 per equity share for the financial Year 2024-25 subject to the approval of shareholders in the ensuing Annual General Meeting. Further, the companys board has accorded its approval for extending corporate guarantee support up to Rs 20,000 crore to lenders, i.e., prospective banks/investors of bonds/non-convertible debentures/term loans/or such debt instruments as may be proposed to be raised in one or more tranches by ONGC Petro additions Limited (OPaL), a subsidiary of the company, including for refinancing of debts. Maharatna Oil and Natural Gas Corporation (ONGC) is the largest crude oil and natural gas company in India, contributing around 71% to Indian domestic production. It has in-house service capabilities in all areas of exploration and production of oil & gas and related oil-field services. The Government of India held a 58.89% stake in ONGC as of March 2025.
Business Standard
22-05-2025
- Business
- Business Standard
Indices tumble in early trade; breadth negative
The key equity indices traded with significant losses in early trade. The Nifty dropped below the 24,750 mark. Market sentiment remained cautious amid weak global cues, including concerns that the U.S. budget bill could significantly increase the national debt, potentially threatening the country's status as a global safe haven. Barring media index all the sectoral indices on the NSE were traded in red with IT, FMCG and auto shares leading the fall. At 09:25 IST, the barometer index, the S&P BSE Sensex, fell 730.25 points or 0.87% to 80,888.61. The Nifty 50 index tumbled 208.85 points or 0.84% to 24,604.70. In the broader market, the S&P BSE Mid-Cap index declined 0.55% and the S&P BSE Small-Cap index shed 0.03%. The market breadth was negative. On the BSE, 1,240 shares rose and 1,399 shares fell. A total of 160 shares were unchanged. Foreign portfolio investors (FPIs) bought shares worth 2,201.79 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 683.77 crore in the Indian equity market on 21 May 2025, provisional data showed. Stocks in Spotlight: Oil & Natural Gas Corporation (ONGC) shed 0.44%. The companys standalone net profit declined 34.7% to Rs 6448.28 crore despite a 1% increase in revenue from operations to Rs 34,982.23 crore in Q4 FY25 over Q4 FY24. VRL Logistics soared 11.31% after the companys standalone net profit surged 244.7% to Rs 74.25 crore on 5.3% increase in revenue from operations to Rs 809.03 crore in Q4 FY25 over Q4 FY24. Interglobe Aviation (Indigo) declined 1.25%. The company reported a 61.9% increase in consolidated net profit to Rs 3067.50 crore on 24.3% jump in revenue from operations to Rs 22,151.90 crore in Q4 FY25 over Q4 FY24. Numbers to Track: In the foreign exchange market, the rupee was flat at 85.5900. MCX Gold futures for 5 June 2025 settlement added 0.60% to Rs 95,053. The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.12% to 99.49. The United States 10-year bond yield declined 0.15% to 4.590. In the commodities market, Brent crude for July 2025 settlement fell 9 cent or 0.14% to $64.82 a barrel. Global Markets: Most Asian markets declined on Thursday, mirroring overnight losses on Wall Street. Investor sentiment was impacted by concerns that a proposed U.S. budget bill could significantly increase the national debt. In Japan, the manufacturing sector contracted for the eleventh consecutive month in May, according to preliminary data from the au Jibun Bank flash manufacturing Purchasing Managers Index (PMI). The index registered at 49.0 for the first three weeks of May, slightly improving from 48.7 in April but remaining below the 50-mark that separates growth from contraction. In the United States, all three major stock indices closed lower on Wednesday. The Dow Jones Industrial Average fell 1.91%, the S&P 500 dropped 1.61%, and the Nasdaq Composite declined 1.41%. The market selloff was attributed to a sharp rise in Treasury yields amid concerns that the proposed budget bill could increase fiscal pressure. The proposed legislation, which includes tax cuts and spending measures, is reportedly facing resistance from within the Republican party. Analysts estimate the bill could add between $3 trillion and $5 trillion to the current U.S. debt, which stands at $36.2 trillion. The development follows a recent credit rating downgrade by Moodys, citing concerns over the rising national debt. In corporate news, Alphabet Inc. shares rose more than 2% following the company's announcement of new AI-related products and initiatives aimed at maintaining its competitive edge in the sector. Microsoft Corporation traded slightly lower after disclosing that approximately 394,000 Windows devices worldwide had been infected by the Lumma malware.
Time of India
08-05-2025
- Business
- Time of India
ONGC denies report on cancellation of Mumbai High Tender
New Delhi: State-owned Oil & Natural Gas Corporation ( ONGC ) today said it categorically denies the "speculative nature" of a media report regarding the Mumbai High tender and the company's partnership with bp. A news item titled 'ONGC Cancels Mumbai High Tender, Uncertainty Looms over bp Partnership ' was published on 8 May 2025. The article claimed: 'A major development has rocked the oil and gas sector . Reports suggest that ONGC has cancelled its much-talked-about Mumbai High tender.' "ONGC categorically denies the speculative nature of the above report, which creates room for misinterpretation regarding the continuity of ONGC's strategic partnership with bp," the company said in a statement. ONGC also clarified that the contract between ONGC and bp, as the Technical Services Provider (TSP) for the Mumbai High field , remains effective and operating.
Business Standard
07-05-2025
- Business
- Business Standard
Jindal Drilling receives notification of award from ONGC
Jindal Drilling & Industries announced that Oil & Natural Gas Corporation (ONGC) has issued Notification of Award to the Company for deployment of rig Jindal Explorer on its subsequent contract for a period of 3 years at Effective Day Rate (EDR) of USD 35, current contract of Rig Jindal Explorer with ONGC is expected to conclude in Q1 FY26 and subsequent contract is expected to commence in Q3 FY26. Powered by Capital Market - Live News
